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/——-/1- Refinancing
2- Reverse Mortgage
3- Loan / Debt Consolidation
1- Refinancing
2- Reverse Mortgage
3- Loan / Debt Consolidation
/---/ I fell for that in the 1990s. All I did was convert short term high-interest rate loans into a long-term, low-intrest loan. It took forever to pay them down.If you are paying credit card companies 20% but can only pay a bank 8%, how is that a scam? Consumer credit cards are the real scam.
If you had kept making the higher payments you would have been covering more principal on the loan. It does take forever to get out of credit card debt once you get on that path. What worked for me was to make the minimum payment but then save up enough to pay them off in a lump sum them immediately cancel them so I couldn't use them again. It wasn't the best way to do it financially, but it was how I broke the cycle of using them irresponsibly. Now, I have two but I usually pay them off online or on the phone as soon as the charge posts. It helps now that debits can be used like CC's./---/ I fell for that in the 1990s. All I did was convert short term high-interest rate loans into a long-term, low-intrest loan. It took forever to pay them down.
You paid a lot of interest doing that.If you had kept making the higher payments you would have been covering more principal on the loan. It does take forever to get out of credit card debt once you get on that path. What worked for me was to make the minimum payment but then save up enough to pay them off in a lump sum them immediately cancel them so I couldn't use them again. It wasn't the best way to do it financially, but it was how I broke the cycle of using them irresponsibly. Now, I have two but I usually pay them off online or on the phone as soon as the charge posts. It helps now that debits can be used like CC's.
/----/Me too. It was harder because my wife and I had three daughters in college, and living on Long Island was extra expensive. But now I pay off my CC debt every week.If you had kept making the higher payments you would have been covering more principal on the loan. It does take forever to get out of credit card debt once you get on that path. What worked for me was to make the minimum payment but then save up enough to pay them off in a lump sum them immediately cancel them so I couldn't use them again. It wasn't the best way to do it financially, but it was how I broke the cycle of using them irresponsibly. Now, I have two but I usually pay them off online or on the phone as soon as the charge posts. It helps now that debits can be used like CC's.